In March 2018 the International Accounting Standards Board (Board) issued a comprehensive set of concepts for financial reporting—the revised Conceptual Framework for Financial Reporting (Conceptual Framework)—replacing the previous version of the Conceptual Framework issued in 2010. The revised Conceptual Framework is effective immediately for the Board and the IFRS Interpretations Committee.
The revised Conceptual Framework has an effective date of 1 January 2020—with earlier application permitted—for companies that use the Conceptual Framework to develop accounting policies when no IFRS Standard applies to a particular transaction. To assist companies with the transition, the Board issued a separate accompanying document Amendments to References to the Conceptual Framework in IFRS Standards. This document updates some references to previous versions of the Conceptual Framework in IFRS Standards, their accompanying documents and IFRS Practice Statements.
If you are a paid subscriber you can access the full Conceptual Framework documentation, including the Basis for Conclusions.
Basic subscribers can visit the Conceptual Framework page to access the unaccompanied version.
Please visit the implementation page for the Conceptual Framework for information relating to the Board's activities to support its implementation.